A new cap set by the IMO that will cut the sulphur content in shipping fuel to 0.5 per cent from 3.5 per cent from next year is set to be one of the biggest fundamental events to hit oil markets in years

New rules from 2020 will ban ships from using fuel oil with a sulphur content above 0.5 per cent, compared with 3.5 per cent now, unless they are equipped with exhaust "scrubbers" to clean up sulphur emissions